Core Viewpoint - The unexpected death of Wang Linpeng, the controlling shareholder and CEO of Juran Smart Home, has sent shockwaves through the home furnishing industry, raising concerns about the future direction of the company and the industry as a whole [1][2][4]. Company Summary - Wang Linpeng, aged 56, was a significant figure in the home furnishing sector, having transformed Juran from a traditional home furnishing market to a new retail and smart home experience center [2][6]. - Just four days before his death, Wang was released from detention after a three-month investigation, which had raised questions about his leadership and the company's stability [2][4]. - Juran Smart Home's stock price fell by 9.18% to 2.88 yuan per share following the news of Wang's death [1]. Industry Summary - The home furnishing industry is currently facing severe challenges, with multiple high-profile figures experiencing legal troubles or untimely deaths, indicating a broader crisis within the sector [5][6]. - Recent statistics show that from January to May, the revenue of large-scale furniture enterprises in China decreased by 3.9% year-on-year, with total profits down by 27.9% [6][7]. - The export of furniture also saw a decline of 8.2% during the same period, reflecting the industry's struggles [7]. - The sudden loss of a key leader like Wang Linpeng raises uncertainties about the future trajectory of Juran Smart Home and the overall home furnishing industry, which is already in a state of transition and facing significant pressures [6][7].

Group 1 - The stock price of Diou Home (002798) closed at 6.53 yuan on July 25, 2025, with a slight increase of 0.15% and a turnover rate of 2.14% [1] - On July 25, the fund flow showed a net outflow of 7.24 million yuan from main funds, while retail investors had a net inflow of 6.66 million yuan [1][3] - Due to the conversion of "Diou Convertible Bonds," the shareholding ratio of major shareholders Bao Jiejun and his concerted actor Chen Jiawang was diluted, with Bao's share decreasing from 7.16% to 6.34% and Chen's from 1.78% to 1.58% [1][3] Group 2 - The actual controller of the company, Chairman Zhu Jiang, along with his concerted actor Chengdu Shuihua Internet Technology Co., Ltd., and some directors and senior management, completed a shareholding increase plan [2] - The shareholding increase plan, initiated on July 18, 2025, aimed to raise at least 37.5 million yuan, and as of the announcement date, 5,668,231 shares were acquired for a total of 37.77 million yuan [2] - This increase in shareholding complies with relevant laws and regulations and will not affect the company's listing status or actual control [2]

Investment Rating - The report provides a positive outlook on various sectors, indicating a stable recovery in the home furnishing and paper packaging sectors, while new tobacco and packaging sectors show robust growth [3][4]. Core Insights - The home furnishing sector is expected to see marginal improvement in domestic demand due to government support for consumption upgrades, with a focus on companies with high dividend yields and growth certainty for 2025 [5][10]. - The new tobacco sector is experiencing growth, particularly in heated tobacco products (HTP), with significant sales increases reported in Europe and a growing user base for IQOS [11]. - The paper packaging sector is facing a gradual recovery in pulp prices, with a focus on companies that maintain strong market positions and high dividends [12]. - The light consumer goods and pet food sectors are under pressure, but there are opportunities in innovative product launches and channel expansion [15]. - The two-wheeler sector is poised for a rebound with government subsidies and new standards expected to drive demand [16][17]. Summary by Sections Home Furnishing - Domestic sales are expected to improve due to government initiatives, with a focus on companies with strong growth prospects and high dividends [5][10]. - Export figures show a slight increase in June, but a cumulative decline for the first half of the year [10]. New Tobacco - HNB sales increased by 10.5% year-on-year, with a growing user base for IQOS [11]. - The regulatory environment in the U.S. is tightening, which may benefit compliant market players [11]. Paper Packaging - Pulp prices have shown slight increases, but overall market conditions remain challenging [12]. - Companies with strong market positions and dividend policies are recommended for investment [12]. Light Consumer Goods & Pet Food - The sector is facing challenges, but there are opportunities in new product launches and expanding distribution channels [15]. - Online sales data indicates mixed performance across different product categories [23]. Two-Wheeler - The sector is expected to benefit from government subsidies and new regulations, with a focus on companies that can leverage these changes for growth [16][17]. - Recent data shows a significant number of electric bikes being replaced under the subsidy program [26][27].

Investment Rating - The report maintains an "Outperform" rating for the light industry sector [3] Core Views - The packaging paper industry has announced price increases, with major companies like Nine Dragons Paper and Jiangxi Lee & Man Paper Manufacturing planning to raise prices by 30 CNY/ton starting August 1 [2][4] - The report highlights the potential recovery in the smart phone market, with expectations of improved sales in the second half of the year due to new product launches and government subsidies [6][12] - The report emphasizes the positive performance of the light industry sector, which outperformed the market with a 1.84% increase in the industry index compared to a 1.69% increase in the CSI 300 index [12] Summary by Sections 1. Home Furnishing - As of July 16, 2025, 280 million people have applied for the old-for-new consumer goods subsidy, driving sales over 1.6 trillion CNY [4] - The third batch of 690 billion CNY in special government bonds for consumer goods is being distributed, which is expected to benefit leading home furnishing companies [4][6] 2. Paper and Packaging - As of July 25, 2025, prices for various paper types have shown mixed trends, with double glue paper at 5012.5 CNY/ton (down 87.5 CNY), and corrugated paper at 2513.75 CNY/ton (down 1.25 CNY) [4][6] - The report suggests focusing on companies with integrated forest-pulp-paper operations and those with strong domestic sales expectations [4][6] 3. Light Consumer Goods - The report notes that the new product from the brand "Jieting" achieved top sales during the 618 shopping festival, indicating strong market demand [6] - Recommendations include companies in the oral care sector and those benefiting from the newborn policy [6] 4. Export Chain - Vietnam's exports in June reached 39.5 billion USD, showing a year-on-year increase of 16.4% [6] - Companies with overseas production capacity are expected to maintain order advantages [6] 5. New Tobacco Products - The report highlights the U.S. FDA's crackdown on illegal e-cigarettes, which may benefit compliant companies [6] - The introduction of HNB products by international tobacco leaders is expected to boost sales in new regions [6] 6. Textile and Apparel - The textile and apparel sector has shown resilience, with companies like Jiejia and Wanlima making significant progress in their respective markets [6][12] - The report suggests focusing on companies with international production capabilities and strong brand partnerships [6]

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report emphasizes the current favorable conditions for export chain layout and the rebound of new consumption, suggesting a focus on bottom-cycle assets [2] - The paper highlights various sectors including paper manufacturing, new tobacco, exports, smart glasses, home furnishings, gold and jewelry, two-wheeled vehicles, pets, cross-border e-commerce, retail IP, and mother-baby products, each with specific growth opportunities and recommendations [2][3][4][5][6] Summary by Relevant Sections Paper Manufacturing - The report notes ongoing overseas supply disruptions and domestic efforts to combat "involution," which may drive the paper cycle upward. It suggests monitoring companies like Sun Paper and Xianhe Co. for potential profit recovery [2] New Tobacco - Philip Morris International reported Q2 revenue of $10.14 billion, a year-on-year increase of 7.1%, with new tobacco revenue up 15.2%. The report anticipates a 12%-14% growth in new tobacco shipments for the year [2] Exports - June export data showed a year-on-year increase of 7.0%, with furniture exports up 1.9%. The report suggests focusing on companies with robust overseas production capabilities due to ongoing tariff impacts [2] Smart Glasses - Alibaba's launch of the Quark AI glasses is expected to enhance the industry's influence, with anticipated sales growth driven by improved product capabilities [3] Home Furnishings - Despite industry pressures, companies like IYI Home are experiencing steady growth due to high customer repurchase rates. The report recommends focusing on brands that cater to young consumers [4] Gold and Jewelry - Chow Tai Fook's retail value decreased by 1.9% year-on-year, but the report suggests that the overall market may be nearing a recovery point [4] Two-Wheeled Vehicles - TaoTao's global manufacturing layout is accelerating, with significant production capacity in Vietnam and the U.S. expected to meet market demands [4] Pets - Yuanfei Pet's stock incentive plan targets revenue growth, with a focus on enhancing its overseas supply chain and developing proprietary brands [4] Cross-Border E-commerce - The report highlights ongoing uncertainties regarding tariffs, with leading sellers actively pursuing global expansion strategies [4] Retail IP - The report discusses the growth of Pop Mart and its strategies to enhance brand recognition and operational capabilities [4] Mother-Baby Products - The report notes that children's health care is becoming increasingly competitive, with companies like Kidswant leveraging technology for market advantage [5]

7月24日晚间，成都富森美家居股份有限公司（下称"富森美家居"）发布公告，近日收到成都市郫都区监察委员会签发的关于公司董事长刘兵被留置的通 知书。 公告一出，市场哗然，截至今日收盘，富森美（002818.SZ）A股下跌4.87%。 作为成都本土家居卖场龙头，富森美家居正站在多重矛盾的交汇点：董事长被留置的冲击、连续三年的业绩下滑、高分红与管理层降薪的反差、产品质量 投诉频发，以及数字化转型滞后的困境，共同勾勒出这家企业的复杂图景。 突发留置冲击：家族企业的治理考验 面对业绩压力，公司管理层选择"降薪共担"。年报显示，2024年董事长刘兵、副董事长刘云华、总经理刘义的年薪从2023年的276万元降至272.4万元，每 人年薪减少3.6万元。 7月24日晚间的公告，将富森美家居推向舆论焦点。对于一家家族色彩浓厚的企业而言，董事长刘兵被留置无疑是一次严峻考验。公开信息显示，富森美 家居由刘兵、刘云华（副董事长）、刘义（总经理）姐弟三人主导，截至2024年底，三人合计持股比例高达80.11%，对公司拥有绝对控制权。 公告披露后，资本市场反应立竿见影。7月25日，富森美股价低开低走，终以4.87%的跌幅收盘。一位长期关 ...

Group 1 - The core index of the Consumer Durables and Apparel sector, represented by the CSI Consumer Durables and Apparel Index, has shown a monthly increase of 6.07%, a three-month increase of 7.11%, and a year-to-date increase of 4.61% [1] - The CSI Consumer Durables and Apparel Index is composed of listed companies that correspond to the durable consumer goods and apparel theme, reflecting the overall performance of these companies [1] - The index's top ten weighted companies include Gree Electric Appliances (10.27%), Midea Group (9.84%), Haier Smart Home (8.59%), and others, indicating a concentration in major players within the sector [1] Group 2 - The market capitalization distribution of the CSI Consumer Durables and Apparel Index shows that 59.16% of the holdings are from the Shenzhen Stock Exchange, while 40.84% are from the Shanghai Stock Exchange [1] - In terms of industry composition, home appliances account for 66.38%, textiles and apparel for 15.26%, and home furnishings for 8.54%, highlighting the dominance of home appliances in the index [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, ensuring that the index remains reflective of the current market conditions [2]

截至本公告披露日，公司控制权未发生变化，除刘兵先生外的公司其他全部董事、监事、高级管理人员 目前均正常履职。公司拥有完善的治理及内部控制机制，公司将按照《中华人民共和国公司法》《深圳 证券交易所股票上市规则》及《公司章程》等法律法规和相关制度规范运作。公司董事会运作正常，公 司及子公司生产经营情况正常，高管团队已对日常经营管理相关事项做了妥善安排，该事项不会对公司 的生产经营产生重大影响。 截至本公告日，公司尚未知悉上述事项的进展及结论，公司将持续关注上述事项的后续情况，并严格按 照有关法律、法规的规定和要求，及时履行信息披露义务。公司指定的信息披露媒体为《上海证券报》 《中国证券报》《证券 时报》《证券日报》及巨潮资讯网（www.cninfo.com.cn），公司发布的信息均 以在上述媒体和网站刊登的公告为准。敬请广大投资者理性投资，注意投资风险。 特此公告。 登录新浪财经APP 搜索【信披】查看更多考评等级 成都富森美家居股份有限公司 本公司及董事会除刘兵董事外全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导性陈 述或者重大遗漏。 成都富森美家居股份有限公司（以下简称"公司"）于近日收到成都市 ...

Economic Overview - Jiangsu's economy shows a positive trend with a total retail sales of 2.4 trillion yuan, a year-on-year increase of 5% in the first half of the year [1] - The province's total import and export value reached 2.81 trillion yuan, growing by 5.2% compared to the same period last year, driven by both domestic and foreign demand [1] Domestic Demand and Consumption - The "National Subsidy" policy has stimulated a consumption wave, with retail sales of automobiles, home appliances, 3C digital products, and home furnishings reaching 385.72 billion yuan, a year-on-year increase of 9.5% [2] - The "Soo Super" event significantly boosted local consumption, with sales in commercial complexes increasing by 48% and foot traffic rising by 43% during the event [2][3] Major Projects and Foreign Investment - Major projects are pivotal for accelerating growth, with 12 foreign investment projects exceeding 100 million USD established in the first half of the year, ranking first in the country [4] - The establishment of Sylvan's modern breeding center in Huai'an, supported by a 57 million USD investment from KKR, highlights the influx of foreign capital into Jiangsu [4][5] Trade and Market Resilience - Jiangsu's strategy of integrating domestic and international markets has strengthened its economic resilience, with a focus on diversifying export markets [6][7] - The province's exports to countries along the Belt and Road reached 1.39 trillion yuan, a growth of 9.5%, with ASEAN trade increasing by 21.8% [7][8] Logistics and Supply Chain Enhancements - Upgrades in logistics channels, such as the "China-Kyrgyzstan-Uzbekistan" rail service, have reduced transportation costs by 10% for solar components [8] - The launch of multi-modal transport in Yancheng has decreased logistics costs by 30%, enhancing the competitiveness of cross-border e-commerce [8]

没有虚假记载、误导性陈述或者重大遗漏。 证券代码：002818 证券简称：富森美 公告编号:2025-021 成都富森美家居股份有限公司 本公司及董事会除刘兵董事外全体成员保证信息披露内容真实、 准确和完整， 成都富森美家居股份有限公司 成都富森美家居股份有限公司（以下简称"公司"）于近日收到成都市郫都 区监察委员会签发的关于公司董事长刘兵先生被留置的通知书。 董事会 刘兵先生在留置期间暂时无法履行董事长职责。根据相关法律法规及《公 司章程》第一百一十三条规定，董事长不能履行职务或者不履行职务的，由公 司副董事长刘云华代为履行董事长相关职责。 二○二五年七月二十四日 截至本公告披露日，公司控制权未发生变化，除刘兵先生外的公司其他全 部董事、监事、高级管理人员目前均正常履职。公司拥有完善的治理及内部控 制机制，公司将按照《中华人民共和国公司法》《深圳证券交易所股票上市规 则》及《公司章程》等法律法规和相关制度规范运作。公司董事会运作正常， 公司及子公司生产经营情况正常，高管团队已对日常经营管理相关事项做了妥 善安排，该事项不会对公司的生产经营产生重大影响。 截至本公告日，公司尚未知悉上述事项的进展及结论，公司将 ...